The objective of this paper is to describe an accurate and efficient reduced order modeling method for aeroelastic (AE) analysis and for determining the flutter boundary. Without losing accuracy, we develop a reduced order model based on the Volterra series to achieve significant savings in computational cost. The aerodynamic force is provided by a high-fidelity solution from the Reynolds-averaged Navier-Stokes (RANS) equations; the structural mode shapes are determined from the finite element analysis. The fluid-structure coupling is then modeled by the state-space formulation with the structural displacement as input and the aerodynamic force as output, which in turn acts as an external force to the aeroelastic displacement equation for providing the structural deformation. NASA’s rotor 67 blade is used to study its aeroelastic characteristics under the designated operating condition. First, the CFD results are validated against measured data available for the steady state condition. Then, the accuracy of the developed reduced order model is compared with the full-order solutions. Finally the aeroelastic solutions of the blade are computed and a flutter boundary is identified, suggesting that the rotor, with the material property chosen for the study, is structurally stable at the operating condition, free of encountering flutter.